Nigerian banks collectively earned N4.85 trillion in interest income on loans and advances to customers in the first nine months of 2024, DAILY POST reports.
This is according to separate financial records of the nine banks, including Access Holdings, Zenith Bank, First Bank Holdings, Guarantee Trust Holdings, Fidelity Bank, First City Monument Bank Group, Stanbic IBTC Holdings, Wema, and Sterling Bank.
The figure marked a growth of 114.95 percent compared to N2.26 trillion recorded in the same period of 2023.
Individual bank analysis showed that Access Holdings led the industry with N1.13 trillion in interest income as of September 2024, up from N458.41 billion in the corresponding period of 2023. The 146.4 percent surge reflects the bank’s lending strategy and expansion of its loan portfolio.
Zenith Bank followed closely, reporting an interest income of N1.07 trillion, more than doubling its N408.66 billion figure from the previous year, representing an increase of 161.8 percent.
FBN Holdings earned N915.35 billion in interest income year-to-date in 2024, a 128.1 percent increase from N401.33 billion recorded in the same period of 2023.
Fidelity Bank recorded an interest income of N450.00bn, up from N260.51bn in 2023. The 72.7 percent growth reflects the bank’s efforts to deepen its presence in the corporate and retail lending markets.
Guarantee Trust Holding Company reported an interest income of N392.33bn, an 84.8 percent rise from N212.30bn in the prior year.
FCMB Group generated N317.53bn in interest income, up from N183.55bn in 2023. This 73 percent increase is attributed to its targeted approach to scaling its credit portfolio to meet customer needs.
Stanbic IBTC Holdings recorded N283.95bn in interest income as of September 2024, representing a growth of 81.7 percent from N156.24bn in the same period of the previous year.
Wema Bank posted an interest income of N149.28bn, an increase of 76.8 percent from N84.42bn in 2023.
Sterling Bank recorded N139.86 billion in interest income, up from N90.45 billion in the same period of 2023. This 54.6 percent growth reflects the bank’s focused efforts to grow its credit portfolio despite economic challenges.
(Daily Post)
